As a homeowner, a comprehensive homeowners insurance policy is one of the most important things you can have. While it’s standard for the structure and contents to be protected, there are a few things you should know about your coverage. Even if you have a standard home insurance policy, all your valuables may not be protected. If you have items of value that exceed the replacement cap on your policy, you can count those as a loss.
How can I obtain a policy to protect my valuables?
Getting an additional home insurance rider is often the solution. Although many people don’t know or understand how important this is, your independent insurance agent should outline these options when you are purchasing your policy.
How does an additional rider work?
An additional rider can pay for those expensive items that exceed the coverage standards in your original policy. Items that usually fall into this category are expensive jewelry, works of art, antiques, coin collections, office equipment, expensive rugs, documents of value, historic photographs and expensive communications, video or recording equipment.
What should I do to prepare for an additional rider?
There are a number of things you must do prior to getting this policy. This is for your records, your protection and in order to get the right quote.
- Take a home inventory: A home inventory will list your valuables, their estimated or actual costs and their location. In the event of a disaster, you’ll know what losses you have sustained. For antiques, get them appraised so you will know how much you need to insure. An appraisal will also make sure your claims of value are less likely to be disputed.
- Have a preservation program in place: There are certain items that can deteriorate from neglect, which is not covered by insurance. Keeping your items in their best condition can help in making sure all your items are reimbursed at full value in the event of a disaster or unexpected emergency.
- Keep the list away from your home: It is a good idea to have an additional inventory list away from the primary location just to make sure you will have one whenever you need it.
Do you have valuable items that need extra coverage? Talk to your agent today to make sure your belongings are protected from the unforeseen.
